Symbotic Inc. $SYM Shares Bought by HighTower Advisors LLC

Key Points

• HighTower Advisors LLC increased its stake in Symbotic Inc. by 28.8%, owning 33,955 shares worth approximately $686,000 as of its latest SEC filing.
• Wall Street analysts have mixed sentiments about Symbotic, with six analysts rating it as a Buy and others adjusting their price targets, including a raise from $35 to $56 by Northland Securities.
• Symbotic reported a 25.9% increase in revenue year-over-year, but missed earnings expectations with a loss of ($0.05) per share against an anticipated $0.03.

HighTower Advisors LLC raised its holdings in Symbotic Inc. (NASDAQ:SYM - Free Report) by 28.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 33,955 shares of the company's stock after acquiring an additional 7,584 shares during the period. HighTower Advisors LLC's holdings in Symbotic were worth $686,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in SYM. GAMMA Investing LLC grew its position in shares of Symbotic by 1,812.2% in the first quarter. GAMMA Investing LLC now owns 1,415 shares of the company's stock valued at $29,000 after purchasing an additional 1,341 shares during the period. Ulland Investment Advisors LLC acquired a new stake in Symbotic in the 1st quarter worth about $31,000. CWM LLC grew its holdings in Symbotic by 408.2% in the 1st quarter. CWM LLC now owns 2,602 shares of the company's stock valued at $53,000 after buying an additional 2,090 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of Symbotic by 40.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,566 shares of the company's stock valued at $85,000 after acquiring an additional 1,018 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in shares of Symbotic by 54.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 5,932 shares of the company's stock valued at $120,000 after acquiring an additional 2,100 shares during the last quarter.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SYM. Robert W. Baird cut shares of Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 target price on the stock. in a research report on Thursday, August 7th. Deutsche Bank Aktiengesellschaft downgraded shares of Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price target on the stock. in a research note on Friday, July 18th. Baird R W cut shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 7th. Northland Securities boosted their price objective on shares of Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Finally, Needham & Company LLC raised their target price on shares of Symbotic from $32.00 to $57.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Six research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Symbotic presently has a consensus rating of "Hold" and an average target price of $43.44.

Insider Buying and Selling at Symbotic

In other Symbotic news, Director Charles Kane sold 25,000 shares of the firm's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $47.62, for a total transaction of $1,190,500.00. Following the completion of the transaction, the director directly owned 79,507 shares of the company's stock, valued at $3,786,123.34. This trade represents a 23.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $46.45, for a total transaction of $10,219,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 484,632 shares of company stock valued at $23,837,791. Corporate insiders own 0.60% of the company's stock.

Symbotic Trading Down 3.9%

NASDAQ:SYM traded down $1.91 on Monday, reaching $47.43. The stock had a trading volume of 1,055,731 shares, compared to its average volume of 2,397,090. The company has a 50-day moving average of $48.88 and a 200 day moving average of $32.99. The stock has a market cap of $28.01 billion, a P/E ratio of -677.47 and a beta of 2.05. Symbotic Inc. has a 12-month low of $16.32 and a 12-month high of $64.16.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.08). Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.The business had revenue of $592.12 million during the quarter, compared to analyst estimates of $533.55 million. During the same quarter last year, the firm posted ($0.02) EPS. The company's revenue was up 25.9% compared to the same quarter last year. On average, equities analysts predict that Symbotic Inc. will post 0.13 EPS for the current year.

Symbotic Company Profile

Symbotic Inc, an automation technology company, engages in developing technologies to improve operating efficiencies in modern warehouses. The company automates the processing of pallets and cases in large warehouses or distribution centers for retail companies. Its systems enhance operations at the front end of the supply chain.